In a report titled When the Going Gets Tough, HSBC said that it favoured investment in wind farm developers over wind turbine manufacturers.
It forecast 35.3GW of new wind power during 2010, less than the 36.9GW installed during 2009.
HSBC’s report, Becalmed? Is it All Over for the Global Wind Markets, forecasts 36.3GW to be installed during 2010.
The HSBC report said: "Weak electricity demand resulting from energy efficiency measures and recessionary forces have made national wind installation targets easier to achieve. This is bad news for wind turbine demand."
Barcap’s report agreed, saying: "The current surplus in power generation, coupled with weak economic growth and uncertain or revised regulation, made for a tough operating environment in the global wind sector."
But both reports said that falls in growth in the US would be offset by increases in China and the rest of the world.
Barcap also said that solar power would experience a "stellar" 2010 for solar power as developers rush to complete projects in Germany before a cut in support tariffs.